On behalf of the Department of the Treasury, the Capital City Redevelopment Corporation (CCRC) issued a request for offers to purchase and redevelop the former Division of Taxation building at 50 Barrack Street in downtown Trenton.
The ten-story, 230,000 square foot building is located at the corner of W. State and Barrack streets with views of the Delaware River. The half-acre property is near the State capitol, adjacent to many of Trenton's historical and cultural attractions, and within walking distance to the Trenton Transit Center, served by Amtrak, New Jersey TRANSIT, the light rail River LINE, and Southeastern Pennsylvania Transportation Authority (SEPTA).
A building reuse study prepared for CCRC this spring finds the building well suited for various reuses. The study includes concepts for building exterior renovations, concept floor plans for various uses, renovation cost estimates, and an analysis of market conditions. It also finds the building’s street level spaces suitable for retail, office, and commercial uses.
“With its prime location and promising redevelopment potential, the former Taxation building is ready to be a part of Trenton's ongoing revitalization," said State Treasurer Elizabeth Maher Muoio. “This project is a great example of the type of collaboration that was envisioned when Governor Phil Murphy established the State Capital Partnership. Treasury has been working closely with CCRC, the City of Trenton, the New Jersey Economic Development Authority (NJEDA), and local stakeholders in readying this building for new life. After more than 50 years as home to the New Jersey Department of the Treasury's Division of Taxation, Treasury stands ready to work with the next occupants to ensure that the rebirth of this building is not only successful but comports with the overall vision of many who call Trenton home.”
The building is located in an area eligible for enhanced state tax incentives through NJEDA’s Aspire Program, which provides tax credit awards for ten years. Additionally, respondents will have access to a $4 million zero-interest loan from CCRC.
Complete details on purchasing and redeveloping are available online. Responses from interested entities are due by 12 pm on October 10th, 2024.
The redevelopment effort is guided by the State Capital Partnership established in 2018 by Governor Phil Murphy through Executive Order No. 40 to spur economic development in Trenton and chart a new course for New Jersey’s capital city. The Partnership consists of several state agencies alongside Mercer County designed to coordinate resources supporting Trenton’s revitalization under oversight from State Treasurer’s Office in coordination with State Department of Community Affairs.
The Capital City Redevelopment Corporation was created by statute to plan public and private development within portions downtown Trenton serving as commercial centers where public buildings and historic sites are located.
While searching for a new owner continues Treasury operates maintains building.
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